This paper circulates around the core theme of Prepare the Income Statement for the year ended 31 December 2014 and the Balance Sheet as at that date for Tor in accordance with International Accounting Standards (IASs) together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Task 1: Understand
the regulatory framework for financial reporting (LO 1: 1.1, 1.2, 1.3, 1.4 )
– Due Week 5
1.1.
Explain
who the different users of financial statements are; their need
1.2.
Write
a report as how regulatory bodies like (ASBs, IASB, IASC and IPSAS) influences
on the preparation of financial statements. Students are required to mention
companies act, stock exchange rules, and EU directives.
1.3.
Assess
the implication for users in the conceptual framework.
1.4.
Explain reporting
standards are dealing
with regulatory requirements.
Students are required to
Page
3 of 10
explain qualitative characteristics,
underlying assumptions and capital maintenance concept in the light of these
regulations.
Task 2: Be able to prepare financial
statements from complete or incomplete records (LO 2: 2.1, 2.2, 2.3 and M1,
M2) – Due Week 10
2.1.
The
trial balance for Tor enterprise as at 30 September 2015 is as follows:
|
|
£000
|
£000
|
|
Revenue
|
|
72,900
|
|
|
|
|
|
Purchases
|
31,220
|
|
|
Inventory 1 October 2014
|
6,650
|
|
|
Distribution costs
|
3,240
|
|
|
Administration costs
|
7,480
|
|
|
|
|
|
|
Land at valuation (note (iv))
|
32,000
|
|
|
Property at cost (note (iii))
|
42,000
|
|
|
Property accumulated
|
|
7,410
|
|
depreciation as at 1
|
|
|
|
October 2014
|
|
|
|
Plant and equipment at cost
|
56,260
|
|
|
(note (iii))
|
|
|
|
Plant and equipment
|
|
10,920
|